White House cold to new economic stimulus plan
The White House said on Thursday that it did not support calls for a new economic stimulus plan, saying the best remedy for the ailing US economy is the 700-billion-dollar bank rescue plan.
By Agencies |
WASHINGTON: The White House said on Thursday that it did not support calls for a new economic stimulus plan, saying the best remedy for the ailing US economy is the 700-billion-dollar bank rescue plan.
"We don't believe that's the right way to go," Ed Lazear, chairman of US President George W. Bush's council of economic advisers, said amid calls from Democrats for a new pump-priming bill.
"We believe the appropriate stimulus right now is the 700-billion-dollar stimulus that comes in the form of the TARP," he said, using the acronym for the bank rescue.
"That's a huge amount of money, and we believe that it's targeted at exactly the right thing."
For weeks the White House has said that it would consider any concrete proposals from lawmakers, but that none that would actually stimulate economic growth have been forthcoming.
"We don't believe that's the right way to go," Ed Lazear, chairman of US President George W. Bush's council of economic advisers, said amid calls from Democrats for a new pump-priming bill.
"We believe the appropriate stimulus right now is the 700-billion-dollar stimulus that comes in the form of the TARP," he said, using the acronym for the bank rescue.
"That's a huge amount of money, and we believe that it's targeted at exactly the right thing."
For weeks the White House has said that it would consider any concrete proposals from lawmakers, but that none that would actually stimulate economic growth have been forthcoming.
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